STEIN VANHOVE: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
STEIN VANHOVE
Largest movements
- Current investments -€200,000
no longer reported in 2025 (was €200,000)
- Cash +€118,422
up €118,422 (+118%), from €100,339 to €218,761
mainly Current investments (+€200,000) and Other debts (+€77,744)
- Tangible fixed assets -€29,054
down €29,054 (-12.8%), from €227,470 to €198,416
of which Land and buildings: -€25,542
- Deferred charges and accrued income -€10,758
down €10,758 (-41.6%), from €25,845 to €15,086
- Reserves -€219,490
down €219,490 (-53.8%), from €408,087 to €188,597
- Other debts +€77,744
up €77,744 (+45.6%), from €170,631 to €248,375
- Tax, wage and social debts +€23,812
up €23,812 (+294%), from €8,088 to €31,900
- Gross operating margin +€51,772
up €51,772 (+66.9%), from €77,379 to €129,151
- Taxes +€14,833
up €14,833 (+136%), from €10,893 to €25,726
- Depreciation -€4,513
down €4,513 (-12.8%), from €35,313 to €30,800
- Financial income +€3,939
up €3,939 (+2,188,483%), from €0 to €3,939
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €612,315 | €493,400 | -€118,915 | -19.4% |
| Fixed assets | 21/28 | €227,720 | €198,666 | -€29,054 | -12.8% |
| Tangible fixed assets | 22/27 | €227,470 | €198,416 | -€29,054 | -12.8% |
| Land and buildings | 22 | €220,805 | €195,263 | -€25,542 | -11.6% |
| Plant, machinery and equipment | 23 | €692 | €459 | -€233 | -33.6% |
| Furniture and vehicles | 24 | €3,397 | €2,694 | -€704 | -20.7% |
| Leasing and similar rights | 25 | €2,576 | - | -€2,576 | |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €384,594 | €294,734 | -€89,860 | -23.4% |
| Amounts receivable within one year | 40/41 | €58,411 | €60,887 | +€2,476 | +4.2% |
| Trade receivables | 40 | €58,131 | €60,430 | +€2,300 | +4.0% |
| Other amounts receivable | 41 | €281 | €457 | +€176 | +62.8% |
| Current investments | 50/53 | €200,000 | - | -€200,000 | |
| Cash at bank and in hand | 54/58 | €100,339 | €218,761 | +€118,422 | +118% |
| Deferred charges and accrued income | 490/1 | €25,845 | €15,086 | -€10,758 | -41.6% |
| Total equity and liabilities | 10/49 | €612,315 | €493,400 | -€118,915 | -19.4% |
| Equity | 10/15 | €414,287 | €194,797 | -€219,490 | -53.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €408,087 | €188,597 | -€219,490 | -53.8% |
| Distributable reserves | 133 | €408,087 | €188,597 | -€219,490 | -53.8% |
| Amounts payable | 17/49 | €198,028 | €298,604 | +€100,576 | +50.8% |
| Amounts payable within one year | 42/48 | €186,497 | €285,093 | +€98,596 | +52.9% |
| Current portion of amounts payable after more than one year | 42 | €2,594 | - | -€2,594 | |
| Trade debts | 44 | €5,184 | €4,674 | -€510 | -9.8% |
| Suppliers | 440/4 | €5,184 | €4,674 | -€510 | -9.8% |
| Advances received on contracts in progress | 46 | - | €144 | +€144 | |
| Taxes, remuneration and social security | 45 | €8,088 | €31,900 | +€23,812 | +294% |
| Taxes | 450/3 | €8,088 | €31,900 | +€23,812 | +294% |
| Other amounts payable | 47/48 | €170,631 | €248,375 | +€77,744 | +45.6% |
| Accrued charges and deferred income | 492/3 | €11,531 | €13,511 | +€1,980 | +17.2% |
| Non-recurring operating income | 76A | €29 | - | -€29 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,313 | €30,800 | -€4,513 | -12.8% |
| Other operating charges | 640/8 | €2,819 | €3,915 | +€1,095 | +38.8% |
| Non-recurring operating charges | 66A | €1,222 | - | -€1,222 | |
| Gross operating margin | 9900 | €77,379 | €129,151 | +€51,772 | +66.9% |
| Operating profit (loss) | 9901 | €38,025 | €94,437 | +€56,412 | +148% |
| Financial income | 75/76B | €0 | €3,939 | +€3,939 | +2,188,483% |
| Recurring financial income | 75 | €0 | €3,939 | +€3,939 | +2,188,483% |
| Financial charges | 65/66B | €13,156 | €12,520 | -€636 | -4.8% |
| Recurring financial charges | 65 | €13,156 | €12,260 | -€896 | -6.8% |
| Non-recurring financial charges | 66B | - | €260 | +€260 | |
| Profit (loss) for the period before taxes | 9903 | €24,870 | €85,857 | +€60,987 | +245% |
| Transfer from deferred taxes | 780 | €1,030 | - | -€1,030 | |
| Income taxes | 67/77 | €10,893 | €25,726 | +€14,833 | +136% |
| Profit (loss) for the period | 9904 | €15,007 | €60,131 | +€45,124 | +301% |
| Transfer from tax-exempt reserves | 789 | €4,121 | - | -€4,121 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,128 | €60,131 | +€41,003 | +214% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.